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Magal Security Systems Reports First Quarter 2012 Financial Results

Stocks in this article: MAGS

Magal S3 offers the broadest portfolio of unique homegrown Perimeter Intrusion Detection Systems (PIDS) as well as Fortis 4G - a new generation of cutting edge Physical Security Information Management system (PSIM) with comprehensive CCTV solutions and leading Intelligent Video Analytics (IVA).

This press release contains forward-looking statements, which are subject to risks and uncertainties. Such statements are based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ from the results discussed in the forward-looking statements. A number of these risks and other factors that might cause differences, some of which could be material, along with additional discussion of forward-looking statements, are set forth in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission.

** Financial Tables to Follow **


(All numbers except EPS expressed in thousands of US$)

                                                  Three months Ended
                                                      March 31,
                                                  2012          2011  % change
    Revenues                                   $15,553       $11,540      34.8
    Cost of revenues                             9,100         6,932      31.3
    Gross profit                                 6,453         4,608        40
    Operating expenses:
    Research and development, net                1,032         1,017         1
    Selling and marketing                        3,783         3,226      17.3
    General and administrative                   1,503         1,593      (5.6)
    Total operating expenses                     6,318         5,836       8.3
    Operating income (loss)                        135        (1,228)
    Financial expense, net                        (220)         (155)
    Loss before income taxes                       (85)       (1,383)
    Income tax (expense)                           131          (200)
    Net income (loss)                              $46       $(1,583)
    Basic net earnings (loss) per
    share                                           $0        $(0.15)
    Diluted net earnings (loss) per
    share                                           $0        $(0.15)
    Weighted average number of shares
    used in computing basic net
    earnings per share                      15,822,704    10,396,548
    Weighted average number of shares
    used in computing diluted net
    earnings per share                      15,883,086    10,396,548

                                             Three months ended
                                                 March 31,
                                                  2012          2011

                                                     %             %
    Gross margin                                  41.5          39.9
    Research and development, net as a
    % of revenues                                  6.6           8.8
    Selling and marketing as a % of
    revenues                                      24.3          28.0
    General and administrative as a %
    of revenues                                    9.7          13.8
    Operating margin                               0.9         (10.6)
    Net margin                                       0         (13.7)

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